Monte-Carlo – Districts of Monaco (Part 2)

 December 28, 2019

One Monte Carlo district / Photo via VisitMonaco.com


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It is very interesting to see that most of the ultra-high net worth individuals who are investing in the Principality of Monaco are non-European. The political and the economic stability plays an important role in the safety of their real estate assets, making the Principality of Monaco the ideal destination for property investments. 

The Principality is built-up from ten wards and divided into five districts. In this article series we asked Monegasque real-estate specialist Christian Miceli, the co-owner and director of CM Monaco Real Estate to guide us through the districts of the Principality of Monaco.

The five districts and the ten wards are (the numbering is for illustration purposes only): 

Monaco-Ville:

1. Monaco-Ville 

Monte-Carlo:

2. Monte-Carlo / Spélugues
3. La Rousse / Saint Roman
4. Larvotto / Bas Moulins
5. Saint Michel 

La Condamine (including Jardin Exotique): 

6. La Condamine
7. La Colle
8. Les Révoires 

Les Moneghetti:

9. Moneghetti / Boulevard de Belgique / Ravin Ste Dévote 

Fontvieille:

10. Fontvieille 

Monaco is also in the middle of a land extension project, and by 2022, the new district called Anse du Portier will be completed.” - says Christian Miceli, Associate Manager at CM Monaco Real Estate

Monte-Carlo

No doubt, Monte-Carlo is the most prestigious district in Monaco, home to the Place du Casino, famous hotels, and it contains the largest concentration of luxury stores such as the Metropole Shopping Centre.

Built starting in 1870, during the reign of Charles III, Monte-Carlo is considered the principal residential and resort area of Monaco, which includes the famous Monte-Carlo Casino and Hotel de Paris among other landmarks.

The most famous and most expensive area inside Monte-Carlo is the “Carré d’Or/Golden Square” which was founded in the middle of the 19th century by Prince Charles III, this district is known as having the most expensive real estate in Monaco.

It is very rare to find an apartment for less than 52,000 euros per square meter in this area. In some renowned buildings such as the Mirabeau, the Floralies, the Park Palace, the Sun Tower, or the Monte-Carlo Star, the price per square meter is much higher.

Due to Monte-Carlo’s historical prestige, it remains the “investors” first choice in finding an apartment in which to purchase.

Close to the Hermitage Hotel is the “Boulevard de Suisse.” This boulevard is composed of beautiful villas that have a wonderful view of the castle and the sea.

Renovation in a bourgeois building on the boulevard d’Italie

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Ultra-luxurious residence with stunning views of the Principality and the Coast. High-end materials, access to the spa with heated pool, steam room, sauna, hot tubs, treatment and massage booth, fitness. Concierge 7 on 7 out of 7 24 hours a day, service, sorry, bookings, valet, paking guests, car with driver, cleaning apartment, cleaning, car wash, […]

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A typical Villa at the Boulevard de Suisse can easily exceed 90,000,000 euros in selling price. This boulevard also includes modern constructions such as the “Saint André”, unfortunately, there are only a few apartments in “Saint André” that have a sea view. This factor can be a significant inconvenience when seeking property in such an expensive price range. On the other hand, this building has a prestigious location and luxurious facilities, and it is only few minutes’ walk to the heart of Monaco. It also includes several levels of parking, which is at a premium in Monaco.

Monte-Carlo has various styles of constructions; the ‘Boulevard des Moulins’ is composed of various bourgeois style buildings, and the price of apartments here is more affordable than the apartments located in the “Carre d’Or.” The reason behind the affordability in this area is because there are very few apartments that have a panoramic view, and many residents do not take advantage of their terrace because of the noise generated from the street below.

The “Boulevard des Moulins” is also one of the main streets in Monaco and is highly frequented because of the presence of various stores and activities in the neighborhood, and residents are well located for daily shopping and have easy access to Larvotto and the Casino.

Larvotto is one of the wards of Monte-Carlo, built in the 1960s, and located on the east side of Monaco.

Larvotto and Larvotto Beach is often seen on Monaco postcards, with its beachfront properties, immediate proximity to the beaches, Jimmy'z, the Grimaldi Forum, waterfront restaurants and bars, makes this an extremely popular area when renting or purchasing a property in Monaco.

This area is mainly composed of modern buildings of a relatively high standard. Among others, here you will find 21 Princesse Grace, the Vallespir, the Columbia and slightly back from the sea front, the Florestan.

The core problem for potential investors looking for an apartment on “Princess Grace Avenue” is the limited number of buildings that are available for sale. The only two apartment buildings that an investor can purchase in are “La Reserve” and “21 Princess Grace.”

In the La Reserve residence, the price per square meter is approximately 60,000 euro per square meter and can even reach upwards of 90,000 euros per square meter for apartments with a beautiful panoramic view of the sea.

Most of the properties in Larvotto are privately owned and managed by the Pastor Group, and many apartments in this area are only available for rental purposes. There is a large demand for these apartments because of the beautiful view and their location, which is very close to the beach.

Although the “21 Princess Grace” does not benefit from a total sea view because of its location in front of the “Grimaldi Forum”, this residence remains one of the most expensive apartments in Monaco. When apartments become available in this building, the prices range between 42,000 and 90,000 euros per square meter.

The main complexity when looking for an apartment in the highly demanded district of Larvotto is the scarcity of apartments. People who desire to live close to the Larvotto district generally go to the area of Saint Roman where prices are lower, but accessibility to Larvotto is excellent.

Residents will find they have easy access to Larvotto beaches and the city centre thanks to the various elevators and frequent buses in and around Monaco. The residential buildings with the highest demand are the “Park Saint Roman”, “Monte-Carlo Sun” and the “Villas del Sole”. In those residences, the prices range per square meter from 38,000 to 45,000 euros and can even reach 52,000 euros per sq meter for apartments with a beautiful panoramic view.

One should always take into consideration and check with local advisors if there is any possibility of any future construction of any new buildings in the neighborhood, because there have been numerous apartments in Monaco that lost their wonderful panoramic view due to a new building construction.

Indeed, the view cannot be guaranteed especially now with the new land extension which will become Monacos new district, Anse du Portier.

As an example, “21 Princesse Grace”, an apartment building in Larvotto used to have a great sea view, however due to the Grimaldi Forum construction, the residence’s sea view has now been ruined, affecting property prices at the same time.

As an investor or future resident, you can always call the Monaco State “Direction de la prospective de l’urbanisme et de la mobilite” to verify if there is any future construction plans around the building or area in which you are looking to purchase.

Rent or Buy a property in Monaco

The Principality of Monaco is becoming more and more attractive to individuals, families and family offices seeking the safe/diversified benefits of its real estate market, as well as the benefits of becoming a potential resident. 

Relocation in Monaco can be very financially rewarding, as there is no income tax or capital gains tax on individuals residing in the Principality. In addition, there is no Monégasque estate duty on assets situated outside the Principality.

“The demand is high, supply is low, and the competition is fierce, this is the way that we could summarize the real estate market of Monaco.” - says Christian Miceli, Associate Manager at CM Monaco Real Estate

Approx. 2.7 billion euros were exchanged on real estate transactions in 2018. Prices have been up +18.1% on average from 2017. Mean value in Monaco is now 48 799 euro’s per square meter, which is a new record; this is almost two times the average price of 2009.

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Purchasing real estate in the Principality of Monaco is not as easy as many people believe and it requires the support of an advisor or real estate agency. Monaco is in the unique position of high demand and low supply, its real estate prices have been continuously growing during the last few decades, therefore unlike […]

An investor wishing to allocate funds in a low-risk asset could eventually include a Monégasque property in his or her international portfolio. 

In case if you have an inquiry we encourage you to contact CM Monaco Real Estate, which offers you transaction, sales, rental and high-end property management services for real estate located mainly in the Principality of Monaco.

“We are glad to start the partnership with MWM which has a long track record in Monaco. With them, we will be able to accelerate our development and improve our visibility with UHNWI’s.” – said Christian Miceli, when CM Monaco Real Estate joined as a Premium partner of Monaco Wealth Management

CM Monaco Real Estate would be delighted to welcome you to their agency in the “Montaigne” residency, 7 avenue de Grande Bretagne, in the heart of the prestigious “Golden Square” area, close to the Casino and its famous hotels.

Why CM Monaco Real-Estate?

CM Monaco Real Estate is a family owned Monégasque real estate agency with its core focus being on real estate in Monaco, including a large selection of on and off-market properties.

Also CM Monaco Real Estate is the Premium partner of Monaco Wealth Management, providing high-quality real-estate offers and excellent property choices paired with the highest quality real estate services in the Principality of Monaco.

Created in 2017 by Jocelyne Beraudo and her son Christian Miceli, the agency offers incomparable knowledge on renovations and UHNWI services, alongside with purchase, sell, rent and property management.

CM MONACO REAL ESTATE

7, avenue de Grande-Bretagne

« Le Montaigne » Bloc B

Monte-Carlo, 98000 Monaco

Phone: +377 99 90 80 59

E-mail: info@cm-monaco.com

Website: https://www.cm-monaco.com/en/

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